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from Richard Norgaard 1 – From material progress to holistic survival and morality The coevolution of economism with the Econocene has led humanity to the brink of disaster. Faith in progress has long been a part of the problem. Actions to stave off climate change have been trimmed and delayed on the presumption that countering environmental destruction has the opportunity cost of foregone human wellbeing through further investments in technology that further increase the production or...

WEA Commentaries Volume 11, Issue 3Download whole issue An egalitarian carbon tax: revenue-neutral and dual policy package     Fausto Corvino WHAT IS ECOLOGY? What Economics Should Have Been     Gregory A Daneke The Theory of Competition of F.A.Hayek as an Inspirer of the Neoliberal Turn of the 1980s     Arturo Hermann Don Webber discusses his book, How to enhance your re- search: 100 practical tips for academics     Ana Luíza Matos de Oliveira and Magali N. Alloatti...

The post 2009 decade will stand out as a golden age for economic statistics. I do not mean econometric analysis, I mean statistics like asset prices, rents or estimates of inequality and household income. The empirical basis for a truly scientific macro economics has finally become less shaky. On an irregular basis, I will publish some posts on some of the treasure troves which have become available. Here, already one example, based on the recent PhD of Matthijs Korevaar., ”Financial...

from Lars Syll Macroeconomists seem to me the biggest offenders in not taking such empirical issues (of practical data handling) seriously enough. This might sound like sheer contrarianism given that macroeconomists are constantly wielding data; after all, their business is analysing the behaviour of the whole economy and forecasting its future path. My concerns are, first, that too few think about the vast uncertainty associated with the statistics they download and use; and secondly,...

If the last five years have taught us anything it’s this: the fact that something being unimaginable doesn’t mean it isn’t going to happen. So, it’s worth considering the prospect that Donald Trump becomes President after the 2024 election whether by getting enough votes to win the Electoral College under the current rules, or by having a Democratic victory overturned. Trump has made it clear that, in such an event, he would wish to secure at least a third term in office and perhaps a...

from Marc Lavoie MMT is without a doubt part of the post-Keynesian tradition. Besides the link between the government and the central bank, as well as a few claimed novelties, such as the MMT view of the Phillips curve, the implicit MMT macroeconomic theory relies on post-Keynesian macroeconomics and its belief that the market cannot be left on its own and thus must be tamed; MMT relies on a credit-creation view of banking – the endogenous money view of post-Keynesians, more specifically...

from Herman Daly The basic issue of limits to growth that the Club of Rome did so much to emphasize in the early 1970s needs to remain front and center, with recycling considered as a useful accommodation to that limit, but not a path by which the growth economy can continue. Well before becoming physically impossible the growth of the economic subsystem becomes uneconomic in the sense that it costs more in terms of sacrificed ecosystem services than it is worth in terms of extra...